President Kim Ju-ha of Nonghyup Bank

NH Bank has been introducing a variety of financial services mixed with IT.

In January, the bank for the first time in the banking industry, came up with a smart watch that can check the owner’s bank account and details of transactions by inputting secret numbers. 

NH Bank calls its “Wearable Banking” service Smart Watch Banking.

Wearable banking is a banking service using smart equipment on a user’s body, such as Google Glass and Galaxy Gear.

Not only those, the bank has been providing the NH Anshim Security Card, Only My Banking Address and Fishing Guard, which the bank developed itself. NH Anshim Security Card, introduced in December last year, has an IC chip in the card so that cards without an IC chip cannot use the Internet for banking services, a service to protect the customers even if their information on banking has been exposed. At the present time, the customers using the Internet and android-type smartphones can benefit from the protective banking service, but later all other smartphone users will benefit from the protective banking service.

NH Baro Baro Market” is where the smartphone can be used handily as the market handles the sale of farm and animal husbandry products The smartphone users can order the produce and products with their handphones as the NACF takes care of those produce and products from production bases to their deliveries to the consumers through finance-logisitcs and IT, Communication Technologies, a special service that only NACF has.

The bank will also strengthen its services to customers using its Smart Financial Center, which is a noun for all non-meeting marketing organization and non-meeting consultations, manpower and related IT infrastructure.

Social network service and letters will be used for non-meeting channel users for financial consultations. The bank will analyze the various ideas and suggestions from non-meeting customers in real time, and develop diverse financial products suitable for their uses.

Officials of the bank said they will work on setting up an Internet bank around the Smart Finance Center when laws and regulations are eased enough to allow the launch of an Internet bank. The center will also be instrumental in making tie-ups with fintech-related business firms, so that the bank can jump into the new settlement market. The bank also opened the NH Fintech Cooperation Center to help those firms who want to conclude tie-ups with NH Bank on fintech businesses, so they don’t have to visit many units of the bank for tie-ups.

The bank has also been operating a financial support system for business firms with superb technologies but lack the funds to commercialize them. They can get financial support form the center if they apply for loans, along with technical, legal consultations, especially on the intelligent property rights and others necessary to get their technologies and operations commercialized.

Fintech enterprises can apply for loans or hold consultations at the cooperation center at the bank’s home office.

The bank’s plan to set up the platform is based on its strategy to develop financial products that can be accessible to fintech firms, including checks on deposits, remittances and others, so that the fintech firms would be able to provide services to its customers as handily as possible. The bank ultimately hopes the platform will be a new banking channel in addition to Internet banking and smartphone banking. The bank also thought the conclusion of tie-ups with individual customers on fintech would be make it hard for the bank to hold on to its customers long-term, and therefore has decided to set up the platform. The bank is aware that Alipay of China has also concluded tie-ups with the banks, but later start taking away the banks’ customers as its operation began to expand.

Key officials of NH Bank led by President Kim Ju-ha, 3rd L, applaud during a recent ceremony to open the bank’s Fintech Cooperation Center at the bank’s head office in Seoul.(Photos:NH Bank)